It’s impossible to predict when financial hardship will strike. It can strike anyone, at any time. In order to ensure that your quality of life isn’t affected by financial trouble, you need to know what options you have available to you before hardship becomes manifest.
Thankfully in today’s highly advanced digital world, there are many options available to people who are experiencing financial instability. Learning about these options might benefit you in the future.
Here are some of the most effective solutions for getting financial aid in times of difficulty:
Hard Money Loans
Hard money loans are an effective way of getting instant funding for a project you are working on. In order for one to get hard money loans, however, collateral is required. Generally speaking, collateral must be a hard asset, like a property or business. Sometimes cash deposits are accepted, however. These sorts of loans won’t be available to you if you are destitute and struggling to survive. They are more suited to wealthy investors, business types, and property developers. Even so, they are extremely useful, very effective, and very fast – you can get a hard loan approved in as little as an hour.
Selling Online
Selling your belongings is a great way to make some quick cash. Thanks to the internet, there are marketplaces where you can post and sell your belongings to people on the same day. Many marketplaces will pay directly into your bank account, though some may hold your money temporarily until the buyer receives their goods. Make sure that you price competitively. Don’t overprice, however. Overpricing is a sure-fire way to deter people from shopping with you. Some platforms may also ask that you create an account on a third-party payment processing provider with whom they work, like PayPal.
Payday Loans
Payday loans are more suited to people experiencing immediate financial difficulty, although they tend to have very high-interest rates. If you aren’t particularly concerned with repaying high interest, then they are a great option. Like hard loans, they can be approved in as little as an hour. Some can even be approved in as little as ten minutes! Payday lenders allow you to repay your loan monthly, for as long as it takes to repay it. With that said, some do limit repayment schemes to a year or less. Collateral isn’t required for payday loans.
Taking Odd Jobs
If you don’t need money immediately, then you could consider taking on a few odd jobs. The chances are that you will be able to find work in the community laboring. Labour work is usually paid daily, cash in hand. If you can’t find any odd jobs, then you could consider taking up online freelance work. If you are a skilled writer, you can find a lot of work online. The work available varies, from assignment papers to news articles. Create a portfolio for yourself and then advertise yourself on websites, forums, and chat rooms. You could also try online trading.
Liquidating Assets
If you have run into extreme financial difficulty and you own property, you could consider liquidating it in order to return your life to normal. In addition to your property, spare vehicles, jewellery, and antiques are all worth selling in times of hardship. With regard to property, there are many services that will buy and pay you for your house in as little as two weeks. Liquidating assets can be hard to do if you are emotionally attached to them, but it will provide you with a much-needed cash injection. As for gold and vehicles, you can sell them to pawn shops.
Government Benefits
If you are struggling to pay your bills because you have lost your job or have spent all of your savings, you could be eligible for government benefits. There are many different types of government benefits. If you are unable to work because of a disability or have previously served in the military, you may be able to claim higher-end benefits. If you are simply unemployed, then you can claim as long as you are actively looking for work. There is a limit to how long you can be paid government benefits if you are able to work but aren’t currently.
Selling Sperm
If you live in the United States, then you might be able to make money by selling your sperm or your plasma. Both of these things can net you a lot of money. In other countries, selling one’s sperm is not so straightforward. In addition to selling your sperm, you could also consider participating in medical experiments and drug trials. One can often receive huge pay-outs for participating in such trials. A single trial can pay a person as much as $10,000. With that said, bear in mind there are risks associated with these trials.
Crisis Loans
Depending on the state or country that you live in, you might be able to get a same-day crisis loan from your local government authority. These loans are typically issued to people who are experiencing homelessness or unemployment. If you are indeed homeless, you will also likely qualify for temporary residence in a hostel or homeless shelter. Crisis loans are not a lot of money, but they are enough to get you a meal and a roof over your head. You are expected to pay them back as soon as you can.
Borrowing from Family
If no other option in this article has worked for you, then you could try borrowing from your friends or your family. You must be cautious when doing this, however. If you don’t repay your loved ones you could put a serious strain on your relationship and potentially even end it. When you are borrowing from loved ones, only approach them if you are confident that they will be able to repay you. It’s likely that your loved ones will lend to you even if they can’t afford to do so, so pick who you ask carefully.
In times of hardship, knowing where to get money can be very helpful. We have all been experiencing some degree of financial difficulty since the pandemic began. Knowing what your options are can make financial uncertainty a whole lot less stressful.
